Q2 Treasure Valley Market Report by Amherst Madison

AMHERST MADISON QUARTERLY TREASURE VALLEY MARKET REPORT 2018 | Q2

MORTGAGE RATE PREDICITIONS If buying a home is anywhere in your sights, you’ll probably want to act fast. According to a new forecast, average payments will jump nearly 10 percent by early next year. It seems on-the-fence homebuyers need to pull the trigger. According to new data from CoreLogic, the typical payment on a home loan will likely jump 9.7 percent by March 2019, thanks to rising rates, inflation and higher home prices. All in all, the typical payment will come out to around $942 – a steep jump from the average $859 seen in March this year. “The U.S. median sale price has risen by just under 7 percent over the past year and the principal-and-interest payment on that median-priced home has increased nearly 10 percent,” according to CoreLogic’s Andrew Lepage. “Moreover, the CoreLogic Home Price Index Forecast suggests U.S. home prices will be up 5.8 percent year-over-year in March 2019 and some interest rate forecasts suggest the payments homebuyers face will rise as well.”

Fortunately, for buyers who want to act before the impending rise, it seems homebuilders may be able to help. According to the recent data from the U.S. Census Bureau and the Department of Housing and Urban Development, housing starts were up more than 20 percent over May 2017’s numbers. Rate prediction report provided by David Hershman of the Hershman Group and OriginationPro.

ADA COUNTY 2

COUNTY COMBINED MARKET BOISE MERIDIAN EAGLE

CANYON COUNTY 7

COUNTY COMBINED MARKET NAMPA CALDWELL

ELMORE COUNTY 16

COUNTY COMBINED MARKET

MIDDLETON

GEM COUNTY TWIN FALLS COUNTY

COUNTY COMBINED MARKET

VALLEY COUNTY 14

COUNTY COMBINED MARKET

SIGNIFICANT SALES 20

NEWEST LISTINGS 21

ADA COUNTY 2018 housing trends of high demand, low supply and escalating prices have continued unabated in Ada County as we move into the third quarter of the year. This pressure is especially extreme in the price range of $300K or less, where a shortage of inventory has caused many first-time buyers to become renters. Inventory of luxury homes priced about $1M was balanced in Q2, with the always-present caveat that this relatively small market (fewer than 30 homes) can be significantly impacted by new inventory.

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ADA COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$295,605

$258,000

0.6

$148

98.2%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$379,878

$354,500

2.3

$164

100.9%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

BOISE

Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$285,870

$250,000

0.5

$154

98.4%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$392,771

$351,673

1.7

$171

100.9%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

MERIDIAN Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$290,110

$269,000

0.6

$138

98.4%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$363,526

$354,044

2.6

$153

100.7%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

EAGLE

Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$441,668

$406,000

1.3

$158

96.6%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$459,814

$424,900

2.2

$178

101.1%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

CANYON COUNTY With an average sale price of $196,911 for existing homes and $260,085 for new construction, Canyon County represents a more affordable option than Ada County, where average prices are over $100,000 higher. That said, the term “affordable” is becoming more and more questionable as prices in Canyon County are up 13% Year over Year from 2017 and show no signs of slowing. Demand exceeds supply across all price ranges with sale activity, with extreme pressure under $250,000.

CANYON COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$196,911

$179,000

0.6

$114

98.3%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$260,085

$245,490

1.9

$128

100.7%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

NAMPA

Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$198,373

$181,000

0.6

$116

98.5%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$259,401

$243,540

1.9

$128

100.8%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

CALDWELL Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$186,063

$170,000

0.6

$108

98.2%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$242,398

$219,990

2.7

$123

100.7%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

MIDDLETON Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$219,741

$201,000

0.4

$119

97.6%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$296,492

$274,349

0.8

$131

100.2%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

TWIN FALLS COUNTY Given seasonal fluctuations, Twin Falls County saw a modest increase in total sales from Q1 to Q2, from 268 sales to 367. The average and median sold price remained flat in both the existing home market and new construction market. Overall, inventory levels are more balanced than the Treasure Valley with the similarity of lower-priced shortages. We observe, as you would expect to see in a market closer to equilibrium, higher instances of seller discount, higher days on market (DOM), and reduced upward pressure on sold price.

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TWIN FALLS COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$190,092

$173,000

1.9

$100

96.0%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$265,486

$249,995

4.3

$136

120

99.4%

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Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

VALLEY COUNTY Valley County had a relatively small number of total sales in Q2 at 194, however, the sale of luxury property over $1,000,000 has picked up noticeably in the past two years. New construction activity is on the rise as more of the post-recession inventory has been absorbed by the market. Look for these trends to continue as a strong economy in the Treasure Valley increases the sale of vacation and second-home purchases in Valley County. Although the aggregate months of inventory remains high at over 10 months, properties in desirable locations with appropriate pricing have moved quickly. COPYRIGHTÂŠ AMHERST MADISON / Q2 2018 TREASURE VALLEY MARKET REPORT / 14

VALLEY COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$434,522

$306,000

10.7

$215

145

93.5%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$407,381

$392,450

16.5

$198

165

100.9%

Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

ELMORE COUNTY The average and median prices in Elmore County, while modest compared to other counties in the state, have risen steadily year-over-year from 2017 to 2018. The average price at the end of Q2 was 9% higher than 2017, with sale activity up by 14 units as well. Elmore County is a balanced market across many price ranges, with the relatively small market size impacted greatly by small changes in inventory. As you may expect, there is very little new construction activity with supply and demand in the existing home market balancing out.

ELMORE COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$153,196

$146,000

1.8

$91

96.3%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$199,879

$203,000

0.0

$98

170

100.6%

Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

GEM COUNTY Inventory levels and demand in Gem County were highly price-dependent in Q2, with inventory low under $300,000 (a seller’s market) but relatively high over $300,000 (a buyer’s market). New construction activity was limited, with the majority of new homes selling for under $300,000. The combined market of existing and new construction saw a decrease in average price of approximately 11% from Q1 to Q2. Although the average price for 2018 remains 8% higher than the average for 2017, this decrease of 11% is notable.

GEM COUNTY Combined Market

EXISTING HOMES Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$165,578

$155,000

1.3

$108

96.4%

NEW CONSTRUCTION Avg Sold Price

Med Sold Price

Mths of Inventory

Price/SqFt

Avg DOM

Avg Discount

$236,767

$218,600

1.9

$149

99.5%

Months of Inventory = Active Listings / Average # closed sales each month over past 12 months | Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

$1,325,000

1617 N CLAREMONT DR. BOISE, ID 83702 JENNIFER COLEMAN

$1,199,000

7049 W AVIGNON LN. EAGLE, ID 83616 NIKELE WOOD

$1,070,000

2151 N GREENVIEW CT. EAGLE, ID 83616 MATT BAUSCHER

$930,000

Significant Sales 3358 E RIVERNEST LN. BOISE, ID 83706 MATT BAUSCHER

$788,000

914 N 16TH ST. BOISE, ID 83702 KARLA GARDNER

$780,000

3105 BRADFORD WY. EAGLE, ID 83616 LONNIE DODD

$750,000

2206 N GREENVIEW CT. EAGLE, ID 83616 MATT BAUSCHER

$730,000

$642,000

$635,000

173 W RIVER MEADOW DR. EAGLE, ID 83616 EVA STEINWALD

2214 N PAYETTE RIVER WY. EAGLE, ID 83616 SAVANNAH HANKS

1923 S FOUNTAIN CREEK PL. EAGLE, ID 83616

CLAY ROMAN

$2,200,000

TBD TRANQUIL LN. EAGLE, ID 83616 MATT BAUSCHER

$1,111,000

614 N 5TH BOISE, ID 83702 EVE-MARIE BERGREN

$749,900

3403 N HAVEN LN. KIMBERLY, ID 83341 NIKELE WOOD

$1,295,000

1257 E BRIGHTWATER LN. BOISE, ID 83706 MATT BAUSCHER

$979,000

25247 FREEZOUT RD. CALDWELL, ID 83607 LONNIE DODD & PILAR MAESNER

$699,900

0 E LOCUST LN. NAMPA, ID 83687 MATT WESTON

$1,280,000

ID SECTIONS 16&36 MURPHY, ID 83623 MATT WESTON

$815,000

100 W HORIZON DR. BOISE, ID 83702 MATT BAUSCHER

$689,900

12153 HIGHWAY 95 S. LUCILE, ID 83542 NIKELE WOOD

$649,900

Newest Listings 1595 E VIA ROBERTO LN. MERIDIAN, ID 83642

NIKELE WOOD

Months of Inventory = Active Listings / Average # closed sales each month over past 12 months Criteria: Single Family, less than 2 acres, Condo, Townhouse; min 1 Bed, 1 Bath

Source: InterMountain MLS; Statistics provided considered accurate and reliable, but not guaranteed by Amherst Madison Real Estate Advisors